Business: The New Frontiers

In mid-1948, the president of Dallas' Rio Grande National Life Insurance Co. gave out an exuberant shout. "This is a great world," cried Robert Baxter, "and the U.S. is the greatest country in the world—and Texas is the greatest state in the U.S. and Dallas is the greatest city in Texas and the Rio Grande is the greatest insurance company in Dallas." This bit of bragging, down to the last note in its descending scale, was a fairly faithful expression of the exuberance and confidence of businessmen in 1948. They thought that the U.S....

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